Before leasing vehicles for your business, here's the documents you'll need to prepare.
Company Profile Summary
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Business Plan: A summary of the company’s operations, goals, and market.
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Description of the Business: Brief information about the nature of the business and how it will use the commercial space.
Business Identification Documents:
- Business Registration: Proof of business registration (e.g., Articles of Incorporation, Business Number).
Financial Statements:
- Balance Sheet: Showing assets, liabilities, and equity.
- Income Statement: To show profitability.
- Cash Flow Statement: To show how the company manages its cash.
- Tax Returns: For the past 2 years (usually corporate tax returns).
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Statement of Net Worth: Outlining total assets and liabilities to determine financial stability. This should include current and non-current assets (e.g., cash, real estate, equipment) and liabilities (e.g., loans, accounts payable), with the resulting net worth.
Completed Credit Application
Roam requires all prospective tenants or partners to complete a credit application as part of our leasing process. This application helps assess financial stability and creditworthiness, ensuring a smooth and reliable partnership. By submitting the credit application, businesses provide us with the necessary details to evaluate their ability to meet lease obligations and other financial commitments. Can be accessed here: https://drive.google.com/file/d/1tepP0333xklsLBL1BR7IVS8r01Gy5CSr/view?usp=sharing
Personal Identification of Key Company Personnel:
- Government-Issued ID: Personal identification documents (e.g., driver’s license or passport) for the directors, officers, or individuals signing the lease.
- Personal Guarantee : A signed document acknowledging their personal liability for the lease, along with a copy of their government-issued identification. This step helps secure the credit line and demonstrates commitment to meeting financial terms.
Proof of Insurance
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Commercial General Liability Insurance (CGL): A certificate of insurance showing coverage for any potential risks related to the business operations.
- Property Insurance: If applicable, to protect any assets or equipment the business owns.
Security Deposit:
- This might be required upfront, which is often equivalent to 1-3 months' rent.